UBS Retains EY After Credit Suisse Buyout

UBS Group has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported, citing people with knowledge of the decision.

Photo Insert: The fate of EY was in limbo after UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March.

The size of the contract will require the Big Four accounting firm to call in staff from other countries to work on the audit, two people told the FT. PricewaterhouseCoopers (PwC), which has been Credit Suisse's auditor since 2020, will audit the acquired bank's accounts for 2023, according to the newspaper.

UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender.

PwC in Credit Suisse's 2022 annual report had included an "adverse opinion" on the effectiveness of the bank's internal controls over its reporting but said its statements "present fairly, in all material respects" the financial position of the bank from 2020 through 2022, Reuters also reported.

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